Investment Rating - The investment rating for the company is "Buy-A" with a 6-month target price of 22.5 CNY [5]. Core Views - The company maintains a high dividend level and emphasizes the progress of the Yulong Copper Mine Phase III expansion [8]. - The company achieved a revenue of 50.03 billion CNY in 2024, a year-on-year increase of 17%, and a net profit of 2.93 billion CNY, up 5% year-on-year [1]. - In Q1 2025, the company reported a revenue of 16.54 billion CNY, a year-on-year increase of 51%, and a net profit of 808 million CNY, up 10% year-on-year [1]. Production and Performance Summary - In 2024, the company exceeded its copper production target with a total of 177,543 tons, a 35% increase year-on-year, and a completion rate of 112% [2]. - The average copper price in 2024 was 74,932 CNY/ton, reflecting a 9.7% year-on-year increase [2]. - The company plans to produce 168,208 tons of copper in 2025, with a slight year-on-year increase [4]. Financial Forecast - The company aims to achieve total revenue of 55 billion CNY and a total profit of 5 billion CNY in 2025 [8]. - Revenue projections for 2025-2027 are 61.29 billion CNY, 63.08 billion CNY, and 65.70 billion CNY, respectively, with net profits of 3.57 billion CNY, 3.87 billion CNY, and 4.10 billion CNY [9]. - The projected earnings per share (EPS) for 2025-2027 are 1.50 CNY, 1.62 CNY, and 1.72 CNY, respectively [9]. Production Plans - The company plans to increase its lead and zinc production in 2025, with a target of 65,672 tons of lead and 124,581 tons of zinc, both showing year-on-year growth [4]. - The Yulong Copper Mine's processing capacity has been upgraded to 22.8 million tons per year, with ongoing expansion projects [8].

青海树人律师事务所 关于西部矿业股份有限公司 2024 年年度股东大会之 法律意见书 北京树成 · 青海树人 · 四川树业 | www.shurenlawfirm.com 法律意见书 膏海树人律师事务所 关于西部矿业股份有限公司 2024 年年度股东大会之 法律意见书 树律意见字(2025)第33号 致:西部矿业股份有限公司 引 言 西部矿业股份有限公司(以下简称"西部矿业"或"公司")2024年年度 股东大会(以下简称"本次股东大会")于2025年5月7日在青海省西宁市海 湖新区文逸路 4 号西矿海湖商务中心 1 号楼 26 楼召开,青海树人律师事务所(以 下简称"本所"）接受西部矿业委托,指派王存良律师、祁春珍律师出席了本次 股东大会,并就本次股东大会的相关法律问题发表意见。 声明 对本法律意见书的出具,本所律师声明如下: 1. 本所律师依照《中华人民共和国公司法》(以下简称"《公司法》")、 《上市公司股东会规则》(以下简称"《股东会规则》")等法律法规和规范性 文件及《西部矿业股份有限公司章程》(以下简称"《公司章程》")的有关规 定,及本法律意见书出具目以前已经发生或者存在的行为、事件、事实,严格履 ...

证券代码：601168 证券简称：西部矿业 公告编号：2025-030 西部矿业股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 7 日 (二)股东大会召开的地点：青海省西宁市海湖新区文逸路 4 号西矿•海湖商务中心 26 楼公司会议室 (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 1、会议召集人：第八届董事会 2、会议主持人：王海丰董事长 3、会议的召开及表决方式：现场投票与网络投票结合的方式 4、本次股东大会的召集、召开符合《中华人民共和国公司法》等法律法规 和《公司章程》的规定。 (五)公司董事、监事和董事会秘书的出席情况 1、 公司在任董事7人，出席7人； 二、 议案审议情况 (一)非累积投票议案 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 1,760 | | --- ...

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including Zijin Mining, Luoyang Molybdenum, and Huayou Cobalt [4][5]. Core Insights - Industrial metals are experiencing a rebound in prices due to ongoing inventory depletion, with LME aluminum, copper, zinc, lead, nickel, and tin prices showing increases of +1.11%, +0.83%, +0.57%, +1.28%, +0.35%, and +1.79% respectively [1][2]. - The report highlights the impact of macroeconomic factors, including concerns over economic slowdown and uncertainties surrounding U.S. tariffs, which have led to increased market volatility [2]. - Key recommendations include companies such as Luoyang Molybdenum, Zijin Mining, and Huayou Cobalt, among others, indicating strong potential for investment [2][3]. Summary by Sections Industrial Metals - The report notes a significant decrease in inventory levels for copper, with SMM social inventory dropping below 130,000 tons, indicating a tight supply situation [2][38]. - Aluminum production is recovering due to domestic restarts and new projects, with a notable inventory reduction of 71,000 tons driven by pre-holiday stocking [2][21]. - The report emphasizes the ongoing tightness in the cobalt market due to export bans from the Democratic Republic of Congo, which is expected to lead to price increases [3][54]. Precious Metals - Gold prices have recently declined due to reduced demand for safe-haven assets amid optimistic trade negotiations between the U.S. and China, while silver prices have shown resilience due to its industrial applications [3][66]. - The report anticipates a long-term upward trend in gold prices driven by de-dollarization and ongoing geopolitical tensions, despite short-term fluctuations [3][66]. Key Company Performance - The report provides earnings forecasts and valuations for key companies, with Zijin Mining projected to have an EPS of 1.21 yuan in 2024, and a PE ratio of 14 times [4]. - Other companies such as Huayou Cobalt and Luoyang Molybdenum are also highlighted for their strong earnings potential and favorable market conditions [4][5].

Core Viewpoint - The company has announced that its subsidiary, Sichuan Xinyuan Mining Co., Ltd., has obtained a mining license for the Yuhot lead-zinc mine in Sichuan Province, which is expected to enhance its resource security and production capacity in lead and zinc mining [1]. Summary by Sections Mining License Information - The mining license is issued by the Sichuan Provincial Natural Resources Department, with a validity period of 12 years from April 1, 2025, to April 1, 2037 [1]. - The mining rights holder is Sichuan Xinyuan Mining Co., Ltd., located in Baiyu County, with a production scale of 600,000 tons per year [1]. - The mine has a resource amount of 6.792 million tons of lead-zinc ore, with lead metal content of 297,100 tons and zinc metal content of 431,200 tons [1]. Impact on the Company - The acquisition of the mining license is expected to strengthen the company's lead and zinc resource security and enhance its production capacity [1]. - The Yuhot mine is significant for the company, as it has a processing capacity of 800,000 tons per year and is a key production unit for lead, zinc, and silver concentrates [1]. - The company anticipates that this development will consolidate its industry advantages and improve its market competitiveness, positively impacting its long-term growth [1].

Core Viewpoint - The Western Mining Group is showcasing its significant achievements in reform and development, aiming to enhance cooperation with financial institutions and outline its vision for the next five years [1][2] Group 1: Financial Performance - The operating revenue of Western Mining Group increased from 41.3 billion in 2020 to 68.8 billion in 2024, representing a substantial growth [1] - The total profit rose from 1.47 billion in 2020 to 5.3 billion in 2024, marking a historic leap in profitability [1] Group 2: Strategic Development - The company emphasizes the need for deep integration of industry development, technology, and finance, as well as green and low-carbon finance [2] - During the 14th Five-Year Plan period, Western Mining Group aims to enhance its strategic focus, cultivate new productive forces, and implement management reforms to improve its overall strength and investment value [2] Group 3: Partnerships and Collaborations - Western Mining Group signed strategic cooperation agreements with 18 banks to explore broader cooperation opportunities and elevate the level of collaboration between banks and enterprises [2]

Group 1 - The China Securities 500 Quality Growth Index (930939) has shown a slight increase of 0.22% as of April 30, 2025, with notable gains in constituent stocks such as Amlogic (688099) up 4.29% and Anker Innovations (300866) up 3.80% [1] - The 500 Quality Growth ETF (560500) has also risen by 0.22%, with the latest price reported at 0.92 yuan, and a significant increase in shares by 5 million this month, ranking it in the top third among comparable funds [1] - Huaxi Securities highlights the role of the Chinese version of the stabilization fund in supporting the A-share market, emphasizing a higher positioning for "stabilizing and activating the stock market" compared to previous times [1] Group 2 - The 500 Quality Growth ETF closely tracks the China Securities 500 Quality Growth Index, which selects 100 companies with high profitability, sustainable earnings, and strong cash flow from the broader 500 Index [2] - As of March 31, 2025, the top ten weighted stocks in the index include Chifeng Jilong Gold Mining (600988) and Ninebot (689009), with the top ten stocks accounting for a total weight of 24.26% [2]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 公司控股子公司四川鑫源矿业有限责任公司（下称"鑫源矿业"）于近日取得 四川省自然资源厅颁发的《中华人民共和国采矿许可证》，现将相关事项公告如下： 一、采矿许可证主要信息 证书名称：中华人民共和国采矿许可证 二、对公司的影响 证券代码：601168 证券简称：西部矿业 公告编号：临 2025-029 西部矿业股份有限公司 关于控股子公司取得采矿许可证的公告 三、风险提示 由于矿产资源的开发和利用可能受到自然因素、社会因素以及与采矿相关的 法律法规和政策调整影响，最终投入生产还需办理相关审批手续，能否达到预期 开采效果尚存在不确定性，敬请广大投资者注意投资风险。 特此公告。 西部矿业股份有限公司 董事会 2025 年 4 月 30 日 2 鑫源矿业拥有的呷村银多金属矿具有 80 万吨/年矿石处理能力，是公司重要 的矿产铅、矿产锌及精矿含银生产单位之一。本次取得四川省白玉县有热铅锌矿 采矿许可证，其证载规模为 60 万吨/年，该矿区拥有铅锌矿石资源量 679.2 万吨， 铅金属量 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][3][15]. Core Views - The company's performance is driven by rising copper prices and increased production, despite some asset impairment affecting results [2][6]. - The target price is set at 17.4 CNY, with the current price at 15.44 CNY, indicating potential upside [3][6]. - The company reported a revenue of 500.26 billion CNY in 2024, a year-on-year increase of 17.02%, and a net profit of 29.32 billion CNY, up 5.1% year-on-year [6][7]. Financial Performance Summary - In Q4 2024, the company achieved a revenue of 133 billion CNY, a year-on-year increase of 26.49%, but the net profit dropped significantly by 66.33% year-on-year to 1.99 billion CNY due to asset impairment losses [6][7]. - For Q1 2025, the company reported a revenue of 165.42 billion CNY, a 50.74% increase year-on-year, with a net profit of 8.08 billion CNY, up 9.61% year-on-year [6][7]. - The average prices for copper, lead, and zinc increased by 9.7%, 10.0%, and 7.8% respectively in 2024, contributing to revenue growth [6][7]. Production and Operational Highlights - The company produced 177,543 tons of copper in 2024, a 35% increase year-on-year, with significant contributions from Yulong Copper [6][7]. - The Yulong Copper Mine's expansion project is underway, which is expected to enhance profitability in the future [6][7]. Dividend Policy - The company has a strong dividend policy, distributing 10 CNY per 10 shares in 2024, totaling 23.83 billion CNY, which represents 81% of the distributable profit for the year [6][7]. Future Outlook - The company is projected to achieve net profits of 34.6 billion CNY, 39.1 billion CNY, and 41.7 billion CNY for 2025, 2026, and 2027 respectively, with expected growth rates of 17.8%, 13.2%, and 6.6% [6][7].

Core Viewpoint - The company reported strong financial performance in Q1 2025, with significant revenue and profit growth, driven by increased production and favorable metal prices [1][2][3]. Financial Performance - In Q1 2025, the company achieved revenue of 16.542 billion yuan, representing a year-on-year increase of 50.74% and a quarter-on-quarter increase of 24.37% [1]. - The net profit attributable to shareholders was 808 million yuan, up 9.61% year-on-year and up 305.62% quarter-on-quarter [1]. Production Volume - The company saw substantial growth in the production and sales of its main products in Q1 2025: - Copper production reached 44,100 tons, a year-on-year increase of 14.35% and a quarter-on-quarter increase of 5.81% [2]. - Zinc production was 30,000 tons, up 18.17% year-on-year and 6.95% quarter-on-quarter [2]. - Lead production was 16,700 tons, showing a significant year-on-year increase of 38.38% and a quarter-on-quarter increase of 32.76% [2]. - Molybdenum production was 1,248 tons, up 43.64% year-on-year and 20.37% quarter-on-quarter [2]. - Iron concentrate production was 337,900 tons, up 14.69% year-on-year but down 13.48% quarter-on-quarter [2]. Future Prospects - The company is progressing with the preliminary procedures for the Yulong Phase III project, which is expected to enhance its production capacity significantly, reaching 30 million tons per year upon completion [2]. - The smelting segment also showed improved profitability, with copper smelting production at 90,100 tons, a year-on-year increase of 54.83% and a quarter-on-quarter increase of 11.64% [2]. Price Trends - In Q1 2025, metal prices showed a notable upward trend: - Domestic copper price was 77,000 yuan/ton, up 11.4% year-on-year and 2.3% quarter-on-quarter [3]. - Zinc price was 24,000 yuan/ton, up 14.4% year-on-year but down 5.8% quarter-on-quarter [3]. - Lead price was 17,000 yuan/ton, up 6.0% year-on-year and 1.1% quarter-on-quarter [3]. - Molybdenum concentrate price was 3,509 yuan/ton, up 5.4% year-on-year but down 5.1% quarter-on-quarter [3]. Earnings Forecast - The company forecasts earnings per share (EPS) of 1.43 yuan, 1.79 yuan, and 2.12 yuan for the years 2025 to 2027, with price-to-earnings (PE) ratios of 11, 9, and 7 respectively [3].